‘Don’t Panic’: President Marcos Vows to Defend the Peso ‘As Hard As We Possibly Can’ After It Breaches ₱64 to the Dollar
PESO RECORD LOW – President Ferdinand “Bongbong” Marcos Jr. on Wednesday, October 28, 2026, asked Filipinos not to panic after the Philippine peso sank to a new all-time low, breaching the ₱64 to $1 level.
“Well, first of all, do not take it with alarm. Don’t panic,” the President said in an ambush interview at the New Bilibid Prison in Muntinlupa City, where he attended the observance of the 32nd National Correctional Consciousness Week.
The local currency fell to an intraday low of ₱64.18 to the dollar on Wednesday, weaker than the previous record close of ₱64.17 posted on Tuesday. The peso has lost more than 8 percent of its value against the dollar so far this year, as global crude oil prices continue to climb amid the crisis in the Middle East.
Marcos said the government will fight to keep the peso from sliding further. “People can take solace in the fact that our policy towards the peso is to continue to defend the peso as hard as we possibly can. We have all the tools to defend the peso. We have all the means to defend the peso,” he said.
“The dollar is also becoming very strong. But nevertheless, we have the means, as I say,” he added, noting that the country’s foreign exchange reserves remain healthy and will be used to support the currency. Reserves stood at $99.5 billion in September, the lowest level since September 2023.
The President, who met with central bank officials on Tuesday, also admitted that rate hikes alone will not stop rising prices. “The inflation is coming from the supply side. It’s a supply-side inflation. So monetary measures can only go so far,” he said.
“Oil, we can do nothing about. Food, we can. And we are doing, again, everything that we can to make sure that the prices of food come down,” Marcos added.
The Bangko Sentral ng Pilipinas raised its key policy rate by a bigger-than-expected 50 basis points last week and said it stepped into the foreign exchange market to smooth out sharp swings. Economists warn that a weaker peso could mean a bigger oil import bill and a wider trade deficit.